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Ultrapetrol Reports Financial Results For Second Quarter 2010

The following table reconciles our EBITDA as defined in the Notes due 2014 and our Adjusted Consolidated EBITDA to our cash flow for the three months ended June 30, 2010 and 2009:

  Three Months Ended June 30,
($000's) 2010 2009
Total cash flows from operating activities 12,156 3,976
Total cash flows provided by (used in) investing activities (17,040) (17,185)
Total cash flows (used in) financing activities 11,786 (17,846)
     
Net cash provided by operating activities from continuing operations 13,685 3,960
Net cash (used in) provided by operating activities from discontinued operations (1,529) 16
Total cash flows from operating activities 12,156 3,976
     
 Plus    
     
Adjustments from continuing operations    
     
Increase / decrease in operating assets and liabilities (6,029) 6,300
Expenditure for dry docking 2,120 1,554
Income taxes 1,232 1,889
Financial expenses 6,247 5,966
(Gain) on disposal of assets (126) --
Net income attributable to non-controlling interest (125) (95)
Adjustment attributable to UP Offshore declassification (1) (4,995) --
Adjustment to gains on derivatives, net 1,486 --
Other adjustments (910) (1,303)
     
Adjustments from discontinued operations    
     
Increase / decrease in operating assets and liabilities 1,529 (632)
Financial expenses 4 3
Other adjustments -- 304
EBITDA as defined in the Notes due 2014 from continuing operations 12,585 18,271
EBITDA as defined in the Notes due 2014 from discontinued operations 4 (309)
Consolidated EBITDA as defined in the Notes due 2014 12,589 17,962
     
Plus    
Adjustment attributable to UP Offshore declassification 4,995 --
Adjustment to gains on derivatives, net (1,486) --
Gain on derivatives, net 266 110
Realized net gain on FFAs 1,251 --
Adjusted Consolidated EBITDA $17,615 $18,072

The following table reconciles our EBITDA as defined in the Notes due 2014 and our Adjusted Consolidated EBITDA to our cash flow for the six months ended June 30, 2010 and 2009:

  Six Months Ended June 30,
($000's) 2010 2009
Total cash flows from operating activities 12,798 19,005
Total cash flows provided by (used in) investing activities (14,244) (40,380)
Total cash flows (used in) financing activities (5,787) (27,077)
     
Net cash provided by operating activities from continuing operations 14,758 18,599
Net cash (used in) provided by operating activities from discontinued operations (1,960) 406
Total cash flows from operating activities 12,798 19,005
     
 Plus    
     
Adjustments from continuing operations    
     
Increase / decrease in operating assets and liabilities (129) 2,733
Expenditure for dry docking 4,222 2,464
Income taxes 642 2,296
Financial expenses 12,418 12,030
(Gain) on disposal of assets (314) --
Net income attributable to non-controlling interest (273) (225)
Adjustment attributable to UP Offshore declassification (1) (9,419) --
Gain on derivatives, net 9,369 --
Non-cash gains on FFAs (7,883) --
Other adjustments (1,689) (2,078)
     
Adjustments from discontinued operations    
     
Increase / decrease in operating assets and liabilities 1,445 (1,268)
Financial expenses 5 4
Other adjustments -- --
EBITDA as defined in the Notes due 2014 from continuing operations 21,702 35,819
EBITDA as defined in the Notes due 2014 from discontinued operations (510) (858)
Consolidated EBITDA as defined in the Notes due 2014 21,192 34,961
     
Plus    
Adjustment attributable to UP Offshore declassification 9,419 --
Non-cash gain on FFAs 7,883 185
Unrealized non-cash gain on FFAs (1,250) --
Adjusted Consolidated EBITDA $37,244 $35,146

(1) As of September 30, 2009, our Board of Directors declassified UP Offshore (Bahamas) Ltd. as a restricted subsidiary under the terms of the Indenture.

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